United Kingdom growth to be slowest in G20 this year, says OECD

United Kingdom growth to be slowest in G20 this year, says OECD”

And while eurozone growth is expected to ease off from 2.5% previous year to 2.3% in 2018 and 2.1% in 2019, major continental economies like Germany and France are forecast to out-perform the UK.

The UK will be the slowest-growing economy in the G20 barring South Africa if the OECD's predictions come through, with growth well behind the 2.2 per cent average expected in the Eurozone or the 2.5 per cent annual expansion in the US.

Britain, however, was seen missing out on the global upturn, lagging all other G20 countries with growth of only 1.3 percent this year, although up from a November forecast of 1.2 percent due to the broader global improvement.

This is up from a forecast last November of 3.7% in 2018 and 3.6% in 2019.

However, the report also warned that "an escalation of trade tensions is a serious risk" following Trump's decision to introduce tariffs on steel and aluminium imports.

The OECD blamed the UK's position on high inflation dampening consumer demand and continued uncertainty about Brexit.

But while it also revised slightly upwards its expectations for the United Kingdom economy - to growth of 1.3% during 2018 - it said Brexit uncertainty would continue to weigh on performance.

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President Emmanuel Macron's social welfare, tax and labour market reforms would help France narrow the gap with Germany, with growth forecast at an 11-year high of 2.2 percent (+0.4) before easing to 1.9 percent in 2019 (+0.2).

"A lot of investment happens in London, it doesn't happen in many other areas".

Despite the upward revisions, the OECD said private consumption in Japan could be subdued if wage and income growth are modest. Previously the OECD had estimated three hikes would suffice this year.

He said: "Investment is coming back, and so this is very good news for good new for jobs and growth across the economies".

Mr Pereira said a global trade war would be harmful for the global economy.

"I think it is very important to avoid escalation and to initiate a strengthening in the global dialogue to solve not only the problem for steel but to avoid bigger repercussions in terms of trade".

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